Press Ganey Associates Inc, a South Bend, Indiana-based provider of patient experience measurement and performance improvement solutions, has been acquired by a consortium of private equity investors.
Ares Management Corp and Leonard Green & Partners led the consortium and were joined by British Columbia Investment Management Corp (BCI) and others. Terms weren’t disclosed.
The seller was EQT Partners, which acquired Press Ganey in 2016.
Established in 1985, Press Ganey works with more than 41,000 healthcare organizations.
Investor Consortium Led by Leonard Green & Partners and Ares Management Complete Acquisition of Press Ganey from EQT Partners
July 26, 2019
BOSTON–(BUSINESS WIRE)–Press Ganey Associates, Inc., a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations, announced the completion of its previously announced acquisition by private equity funds managed by affiliates of Ares Management Corporation (NYSE: ARES, “Ares”) and Leonard Green & Partners, L.P. (“LGP”), together with investment partners GIC, British Columbia Investment Management Corporation (“BCI”), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”). Terms of the transaction were not disclosed.
“We are excited to work with Ares and LGP, two of the leading private equity firms worldwide, to expand on our vision to improve the overall experience of care through innovative solutions and complementary acquisitions,” said Patrick T. Ryan, Executive Chairman of Press Ganey. “We appreciate the tremendous partnership we have had with EQT and the considerable impact we have been able to make on the health care industry. Today marks another milestone in Press Ganey’s journey toward achieving safe, high quality, patient centered care.”
“We look forward to supporting Press Ganey’s mission through expansion of their transformational portfolio, which has potential for broad application across the healthcare industry,” said Pete Zippelius, Partner, Leonard Green & Partners.
“There is significant opportunity to drive improvement across the continuum of care through a shared view of the overall experience of both patients and caregivers,” said Kevin Ryan, Partner in the Ares Private Equity Group. “We are proud to be part of developing solutions that make a difference in people’s lives every day.”
“Press Ganey has helped to redefine the approach to patient-centered care through its work with leading providers across the US,” said Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII. “It has been a pleasure to work with this dedicated team of professionals to deliver thought leadership and product innovation that improve the overall experience of care.”
About Press Ganey
Press Ganey pioneered the healthcare performance improvement movement more than 30 years ago. Today Press Ganey offers an integrated suite of solutions that enable enterprise transformation across the patient journey. Delivered through a cutting-edge digital platform built on a foundation of data security, Press Ganey solutions address safety, clinical excellence, patient experience, and workforce engagement. The company works with more than 41,000 healthcare facilities in its mission to reduce patient suffering and enhance caregiver resilience to improve the overall safety, quality, and experience of care.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global alternative asset manager with approximately $137 billion of assets under management as of March 31, 2019 and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.
About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg or LinkedIn.
About British Columbia Investment Management Corporation (BCI)
With C$145.6 billion of managed net assets, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors within the global capital markets. Based in Victoria, British Columbia, BCI is a long-term investor that invests in all major asset classes including private equity. BCI’s clients include public sector pension plans, public trusts, and insurance funds. Visit BCI.ca for more information.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors. Through its extensive relationships across the industry, the Private Equity Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximize value and support the implementation of agreed strategies.
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. More info: www.eqtpartners.com
For Press Ganey:
Patricia Cmielewski, 781-234-8439
For Ares Management:
Bill Mendel, 212-397-1030
Ares Management Corporation
Carl Drake, 800-340-6597
Priscila Roney, 212-808-1185
For Leonard Green & Partners:
Erika Spitzer, 310-954-0451
Wendy Wong , +65 68896928
Ong Wei Jun, +65 6889 83340
Gwen-Ann Chittenden, 778-410-7156
Garry Nickson, +971-2-415-6085
For EQT Partners:
Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII, +1 917 281 0850
Stephanie Greengarten, +1 646 687 6810
EQT Press Office, +46 8 506 55 334